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CROSS ASSET

Commodity-Tied Dollar Bloc Leads

JGBS

Cheaper On Wider Impetus

AUSSIE BONDS

YM Off Lows, Trouble Staying Offered In Wake Of GDP

FED

VIEW: BNP Paribas: Faster Tapering

US EURODLR FUTURES

Some Light Selling Seen

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  • Russian central bank hikes rates by 75bps to 7.50%, against expectations of a 25-50bps rate rise.
  • The bank retain their communications that the CBR holds open the prospect of further rate rises at its upcoming meetings.
  • Bank sees annual inflation edging down to 4.0-4.5% in 2022 and will remain close to 4% further on. They also highlight that currently inflationary environment suggests risks to prices are tilted markedly to the upside.
  • USD/RUB sees immediate pressure, falling to fresh 2021 lows and breaking through the 70.00 level in the process.